PIC completes £870m full buy-in of De Beers UK Pension Scheme

Written by Adam Cadle

02/04/2024

PIC has concluded a £870m full buy-in of the De Beers UK Pension Scheme, securing the pensions of both deferred and pensioner members of the scheme.

The pension scheme is sponsored by De Beers UK Limited, comprising 1,464 current pensioners and 473 deferred members.

Founded in 1888, De Beers Group is the world’s leading diamond company, with expertise in diamond exploration, mining, grading, marketing and retail. Together with its joint venture partners it employs more than 20,000 people throughout the world.

Tristan Walker-Buckton, co-head of origination at PIC, said: “PIC is proud to have worked with the trustees of the De Beers UK Pension Scheme to de-risk the scheme, removing the risk associated with the scheme from the company’s balance sheet, and providing security to all their members for the long-term. 2024 has started strongly in the pension risk transfer market and we expect another record-breaking year.”

PIC was advised by CMS Cameron McKenna Nabarro Olswang LLP and the De Beers trustees were advised by Linklaters LLP.

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